London's FTSE 100 Index Collapses On Gloomy Chinese Exports

Illustration. (Photo: Doc. Antara)

JAKARTA - London's FTSE 100 index slipped on Monday on lower oil prices and dismal export data from China, removing impetus from a weaker pound, while NetScientific jumped on a deal to sell COVID-19 test kits globally.

Between, Monday June 7 reported, the FTSE 100 Index was down 0.1 percent in early trading at 0707 GMT, tracking other European index declines on caution over rising inflation and fears of faster-than-expected tightening of global monetary policy.

The FTSE 250 index of mid-cap stocks was flat.

Mining shares fell 1.0 percent as data showed China's export growth slowed more than expected last month due to disruptions caused by COVID-19 cases at the main port in the country's south.

The focus in the morning will be on data on house prices in the UK, which are expected to rise 1.2 percent in May following a 1.4 percent gain in April.

In corporate news, life sciences firm NetScientific Plc jumped 22 percent after saying one of its subsidiaries had signed an exclusive licensing agreement with AstraZeneca Plc to sell COVID-19 test kits globally.

Office space provider IWG slumped 16.8 percent as it said core revenue for the year will be well below crisis-hit 2020 levels due to continued lockdown restrictions in some markets.